Chennai, February 21, 2025 – Intellect Design Arena Limited has disclosed that it received an order from the Additional Commissioner, Chennai North Commissionerate, under Section 73 of the GST Act, 2017, with a demand of INR 18.88 crore and an additional penalty of INR 1.89 crore.
Regulatory Action Overview
- Issuing Authority: Additional Commissioner, Chennai North Commissionerate, CGST & Central Excise, Chennai, Tamil Nadu.
- Nature of Order: GST demand order under Section 73 of the GST Act, 2017.
- Date of Order: February 17, 2025.
- Date of Receipt: February 20, 2025, at 11:00 a.m. (IST).
- Alleged Violation: Reconciliation of unbilled revenue discrepancies.
Financial and Operational Impact
Intellect Design Arena stated that it has complied with the regulatory requirements after assessing the prevailing GST law. The company does not foresee any significant financial impact from the order and has confirmed its intent to pursue legal remedies to challenge the demand.Company’s Response
Intellect Design Arena remains confident in its compliance with tax laws and is prepared to contest the demand through legal channels.Investors are advised to monitor updates as the company navigates this regulatory challenge.